President Donald Trump on Tuesday announced a $500 billion private sector investment to build artificial intelligence infrastructure in the US with Oracle (Oracle).ORCL), ChatGPT maker OpenAI, and Japanese conglomerate Softbank (9984.T) among those committing to a joint venture.
The joint venture, called Stargate, is expected to begin with a data center project in Texas, according to CBS News. Who first gave the news. The company’s executives were expected to commit to an initial investment of $100 billion at an appearance at the White House on Tuesday. More companies are expected to join the venture and bring up to $500 billion in investment to the program in the coming years.
oracle (ORCL) stock jumped 7% on Tuesday and continued its climb in after-hours trading, rising more than 3%.
SoftBank CEO Masayoshi Son, OpenAI chief Sam Altman, and Oracle CEO Larry Ellison were all in attendance at Tuesday’s event.
Trump claimed the venture would create “almost immediately 100,000 American jobs.”
On Monday, Trump Signed a wave of executive ordersIncluding a Biden-era repeal executive order which established security guidelines for generative AI. The order required large language models to share security test results with the US government and federal agencies tasked with assessing potential threats.
Big tech executives, including Amazon (AMZN) Jeff Bezos, Meta (META) Mark Zuckerberg, and Apple’s (AAPL) Tim Cook, was in attendance at the president’s inauguration on Monday as the sector met Trump in anticipation of his victory in November.
The second day includes the actions of the President Calling for a national energy emergencyAlso a heavy focus on immigration. More actions are expected this weekend, including more clarity from Trump Highly anticipated tariff plans.
Alexandra Canal is a senior reporter at Yahoo Finance. Follow him on X @allie_canal, linkedin, And email her at alexandra.canal@yahoofinance.com.
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